Venezuela, Cuba Join Forces on Oil Refinery

Cuba and Venezuela's state-owned oil companies have joined forces to re-open a petroleum refinery in Cuba.

Cuban president Fidel Castro and Venezuelan oil minister Rafael Ramirez witnessed the signing of the agreement Monday in Havana. The deal will re-start operations at a Soviet-era refinery in the city of Cienfuegos, on Cuba's southwestern coast.

Cuban state media report that the deal gives Cuba 51 percent and Venezuela 49 percent of the refinery's assets.

Reuter news agency quotes Venezuela's ambassador to Cuba, Adan Chavez, as telling reporters the two countries will invest up to $1 billion to re-open the refinery.